Wed, Jul 3, 2013 5:03 PM EDT 0:56
Wall Street's brokerages would spend an average of $8 million each to implement a plan being considered by the U.S. Securities and Exchange Commission to impose higher ethical standards on brokers who give financial advice, according to estimates by the securities industry's largest trade group. Nasdaq argued in federal court that it cannot be sued by class-action because of its legal status as a self-regulatory organization. Nasdaq is being sued over the botched Facebook IPO. Stock index futures rose modestly, indicating positive market momentum would persist as investors remain optimistic about the economic outlook. Sentiment has improved since Federal Reserve officials signaled that their bond-buying stimulus program would not end soon.